The Chinese economic officials are meeting with US treasury secretary Scott Bessent and US trade representative Jamieson Greer on the sidelines of the Association of Southeast Asian Nations (Asean) summit to de-escalate a trade war.

The world’s two largest economies are looking to avert an escalation of their trade war after US President Donald Trump threatened new 100% tariffs on Chinese goods and other trade curbs starting on Nov 1, in retaliation for China’s vastly expanded export controls on rare earth magnets and minerals.

A US treasury spokesman told reporters yesterday that the first day of talks had been “very constructive”.

A positive outcome for the talks would remove roadblocks for a meeting next week between Trump and Chinese President Xi Jinping in South Korea.

The White House has officially announced the meeting, but Beijing has yet to confirm that the two leaders will meet.

Trump is expected to arrive in the Malaysian capital this morning for the summit, as part of a five-day trip in Asia.